Copa Airlines CEO Pedro Heilbron has been in the job for 30 years, and has been adept at managing the carrier through sometimes-turbulent times. For that reason alone, Copa should be OK. But you never know.

“We continue to be concerned about competition from ultra-low-cost airlines,” Mizusaki wrote in a note. “Volaris Costa Rica, for example, announced on February 19 four routes from El Salvador, Costa Rica and Guatemala, to Los Angeles, New York and Washington. We believe that the expansion of low-cost airlines in the region will generate competitive pressures for COPA and could put the company’s guidance at risk.”

UBS analyst Rogerio Martins also has a sell on Copa, with the market pricing in unrealistic Ebit margins above guidance. He upgraded Volaris to buy on upside potential from yield recovery this year.

Mizusaki and Martins, who’s rated Copa at sell since March 2016, are the only ones bearish on the stock. Nine others have buy or hold recommendations, according to data compiled by Bloomberg. That’s more positive ratings than any of its regional peers.